Gold prices fell by Rs 70 to Rs 32,180 per 10 gram at the bullion market Tuesday owing to slackened demand from local jewellers amid a weak trend overseas.
Gold prices fell by Rs 70 to Rs 32,180 per 10 gram at the bullion market Tuesday owing to slackened demand from local jewellers amid a weak trend overseas.
Silver followed suit and eased by Rs 50 to Rs 39,700 per kg, hit by lower demand from industrial units and coin makers.
Traders attributed the fall to easing demand from local jewellers and retailers following a weak trend overseas.
Globally, gold fell by 0.07 per cent to USD 1,226.90 an ounce and silver by 0.20 per cent to USD 14.73 an ounce in Singapore.
Diversion of funds towards rising equity markets also dampened the sentiment, traders said.
In the national capital, gold of 99.9 per cent fell by Rs 70 to Rs 32,180 per 10 gram, while 99.5 per cent purity lost Rs 80 to Rs 32,020 per 10 gram. The precious metal had gained Rs 200 Monday.
Sovereign gold, however, remained steady at Rs 24,700 per piece of 8 gram.
Silver ready slipped by Rs 50 to Rs 39,700 per kg, while weekly-based delivery's decline was steeper, which fell by Rs 160 to Rs 39,100 per kg.
Silver coins, however, continued to be traded at the previous level of Rs 75,000 for buying and Rs 76,000 for selling of 100 pieces.
Meanwhile, the Government of India, in consultation with the Reserve Bank of India, has decided that Sovereign Gold Bonds (SGBs) 2018-19 (Series II) will be open for subscription from October 15 to 19. The issue price of the bond will Rs 3,146 per gm, with settlement on October 23, 2018. Gold bonds issued by the government are a great investment idea as financial markets remain volatile. For those who apply online, the SGBs will be at a discount of Rs 50 per gram, that is, issue price would be Rs 3,096 per gm of gold. The current market price of 10 gm gold is Rs 31,560.
With a fixed interest of 2.5% per annum, and the potential to earn more if the market-linked gold price moves up, SGBs are an attractive opportunity. DNA Money talks to experts about the key things to know as you gear up for gold bond buys in Dussehra week.
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